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Jenkins also committed to boost return on equity, a key measure of shareholder value, to 11.5 per cent by 2015. The grievances of investors were underlined again yesterday as it confirmed it had paid £1.85bn to staff last year, and just £733m in dividends.

In a bid to show restraint on pay, Barclays also plans to reduce the proportion of income it dishes out to staff.

It revealed yesterday that it had cut the bonus pool from £2.2bn in 2011 to £1.85bn, while slashing awards to the investment bank – despite a 37 per cent increase in profits.

But Jenkins talk of ‘shredding the legacy’ left by his predecessor Bob Diamond, was dismissed by analysts.

The investment bank built up by Diamond contributed 58 per cent of the group’s profits.

Jenkins stressed that the investment bank would be a an ‘important part of the group’ in future.

Ian Gordon from Investec, said: ‘Looking through management jargon, it is surely little wonder that Bob’s successor, Antony Jenkins, rightly plans to secure, and build upon the improving shareholder economics of Barcap. Shredding?